[Daily steel market report] [2025-11-4]

**Today's steel market price briefing**
**Nov 4, 2025**

According to market data on November 4, 2025, the domestic steel market overall continued a fluctuating and weak trend. Steel prices in major cities and for main products generally fell slightly, market transactions were sluggish, and sentiment was pessimistic.

To help you quickly grasp the core market dynamics of the day, I have summarized the key information below:

| Price Trend | Overall stable with slight declines; main products such as construction steel and hot-rolled coils fell by 10-40 RMB/ton. Tangshan billet prices dropped by 10 RMB/ton.

| Supply and Demand | Supply pressure remains: certain products (such as hot-rolled coils) are still supplied at high levels. Although blast furnace iron output is expected to decrease, overall supply pressure has not fundamentally eased.Demand remains weak: nationwide construction steel transaction volume dropped by 5.42% day-on-day, with downstream buyers purchasing as needed, resulting in light transactions.

| Cost Support | Divergent raw material prices: iron ore prices fell slightly, coke prices increased in the third round, and scrap steel prices adjusted weakly. Cost-side support for steel prices has weakened.| Market Sentiment | Generally pessimistic. The futures market saw a sharp decline (e.g., the main rebar contract fell 1.42%), further impacting spot market sentiment. To promote transactions, sellers engaged in hidden discounts in actual trades.

Dynamics of Various Products and Regional Markets

- Construction Steel: Prices in multiple cities nationwide fell steadily by 10-30 RMB/ton. Overall market transactions were average, and after further intra-day declines in rebar futures, spot transactions became even lighter.

- Plate Market:  

- Hot-Rolled Coils: Prices in 24 major cities generally dropped by 10-40 RMB/ton, supply remained high, and demand showed seasonal decline.  

- Cold-Rolled Coils: Prices fell slightly by 10-20 RMB/ton; inventory remains high year-on-year, and destocking is slow.  

- Medium and Thick Plates: Prices are stable in most markets, but some areas saw drops of 10-30 RMB/ton; inventory destocking is slow.

- Section Steel Market: For example, in Xi'an, section steel prices are generally stable, but spot sales are weak.

Market Outlook

Overall, steel prices may continue a weak and fluctuating trend in the short term.

- Negative Factors: With cooler weather, market demand enters the traditional off-season, and demand is expected to shrink further. At the same time, current supply pressure has not fundamentally eased, and raw material cost support has weakened.

- Potential Support: Notably, some steel mills are now operating at a loss, which may increase their willingness to cut production. Additionally, deep discounts in the futures market may attract some winter storage funds later, providing some price support. Some institutions forecast a "first suppressed then rising" pattern for the market in November. Even with adjustments, the probability of prices breaking new lows is low.

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